The Impact of Analysts' Forecast Errors and Forecast Revisions on Stock Prices
作者： William Beaver , Bradford Cornell , Wayne R. Landsman , Stephen R. Stubben
DOI: 10.1111/J.1468-5957.2008.02079.X
关键词: Economics 、 Upward shift 、 Financial economics 、 Earnings surprise 、 Stock (geology) 、 Earnings 、 Fourth quarter 、 Econometrics 、 Forecast error 、 Forecast period
摘要: : We present a comprehensive analysis of the association between stock returns, quarterly earnings forecast errors, and quarter-ahead year-ahead revisions. find that errors two revisions have significant effects on prices, indicating each conveys information content. Findings also show fourth quarter differs from other quarters—the relative importance error (quarter-ahead revision) is lower (higher). marked upward shift over time in revision coefficients, consistent with I/B/E/S database reflecting an improved quality both forecasts actual earnings.
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